Ontario-based Chesswood Group Limited, a financial services company, obtained CCAA protection on October 29, 2024. This followed an application by RBC, acting as agent for a group of lenders owed approximately US$66 million (C$90.42 million equivalent) and C$93 million, bringing the total transaction value to C$183.42 million. The company had faced financial struggles over the past 18 months due to rising interest rates, increased operational costs, and portfolio write-downs, which reduced profitability. A recent audit disclosed a substantial deficiency of about US$92 million in the borrowing base under Chesswood’s credit facilities. Despite multiple waivers from lenders and several asset sales, Chesswood was unable to divest a significant portion of its business. The company sought recognition of its CCAA proceedings under Chapter 15 of the U.S. Bankruptcy Code. FTI Consulting was appointed as the monitor. Legal representation included Blakes for the lenders, McCarthy Tétrault for Chesswood Group, and Osler for the monitor.